florida real estate state examkey notes Flashcards

florida real estate state exam(key notes) Flashcards Real estate license lawFirst FL law 1923First FREC 1925Real estate license law is FS.475Division of Real estate (DRE) was created within the Department of regulation in 1982Part 1 of F.S 475=Licensure and regulation of real estate licensees; Part 2(administered by the FL board estate APPRAISAL Board)= Registration licensure and certification of APPRAISERS in federally related transactions.-Brokerage relationship disclosure act (BRDA) -The BRDA and FS.475 define the parties and various relationships a Broker may have with each in a real estate transaction.Presenting Offers-A broker has a duty to transmit ALL offers made without an earnest deposit (Failure maybe concealment) Multiple Listing service-A marketing tool consisting of member Brokers and their associates who share information pertaining to currently listed properties among all members of the service/ may offer in listing a commission split to other licensees Brokers Right to Compensation-Arise when a Broker has performed that which they were engaged to perform EXEMPTIONS (non-comprehensive list)-Attorneys in fact-Authorized for another under a power of attorney-Attorneys at law-Giving legal advice, Not getting commission on sales etc.-Court Appointees-For SALARY only NOT commission, includes trustees, receivers, masters in chancery, court-appointed appraisers, etc-Salaried Employees- of an owner or broker for an owner of an Apartment Community working in an on-site real estate office in a LEASING CAPACITY.-Note; Tenants may receive up to $50(cash,rent, credit, etc) as a referral fee-Individuals -when dealing for themselves-Cemetery lot sales people-Registered, Licensed and certified appraisers-Under FS.475 PART2, so long as performing appraisal services authorized under that part.Real estate LicenseOne who has met requirements of law + permitted to perform services for others related to R/E transactions.Procuring Cause of sale-Is the first Broker to bring / produce a purchaser who is ready willing and able to buy Post -License educationALL sales associates (including Attorneys), Whether Active or Inactive MUST complete a 45 hr-post-license education(PLE) course Prior to expiration of their initial license .-Individuals With a 4-yr degree in real estate are exempt.-Failure to complete PLE will cause licenense to become VOID!-To continue to practice , individual will need

to re-take the 63 hr pre-license course again and PASS another state exam.TESTING NEW APPLICANTS-Division of technology, license/ revenue is responsible in FL for testing services to assure competency in applicants field.-Now , a private testing service is being used by the state to test real estate license applicants.-Exam questions and answers are confidential/Theft or reproduction is a third

degree FELONY.Uniform Commission rates-Illegal under anti-trust laws. Sherman-Clayton Anti-trust Act is FEDERAL law that makes illegal establishment of uniform prices in any industry / fee should always be a matter of negotiation.

Term of office-FREC members are appointed for 4 yr terms-May not serve more than 2 consecutive terms-No max of time able to serve so long as no two consecutive terms-Do NOT get paid salaries/ receive $50 per day + expensed for all days worked.Employment by an owner - employer-o/e =Individual or business engaged in the buying , owning or development of real estate-Must register with the DBPR , but is not licensed.Employment by a Broker-Sales Associate or Broker Associate is an AGENT of the Broker-Cannot receive compensation from anyone other than the employing Broker.-Can only work for ONE Broker at a time.Authorized brokerage relationships-A real estate Broker can be employed by a member of the

public in one of (3) different relationships:(1) Transaction

Broker, (2) Single Agent ; and (3)No Brokerage Relationship .-Written Disclosure specify the nature of the relationship and the Broker's duties inherent in that relationship in required in Single Agency Relationship and in NO BROKERAGE RELATIONSHIP-SINGLE AGENCY RELATIONSHIP(SAR) is created when a broker accepts employment under a Single Agency Agreement that defines certain services to be performed on behalf of a principal Broker may represent only one side of a transaction(buyer or seller;landlord or tenant..)-Attempt to represent both parties would be an illegal dual agency-ONLY agency that creates a fiduciary duty (allowing principle to place trust and confidence in

Broker)/fiduciary duties include:--Confidentiality with any

harmful information received from principal(excludes material defects in a property)--Obedience -must obey all legal instructions of the principal--Loyalty-Required to act in the best interest of the principle--Interest of none other above /most favored price & terms--Disclosure-Must report any fact or rumor that may affect principals decision-Accountability-Required to account for all money and property the agent comes to possess for principal--Skill, care, diligence -licensed pros are held to a higher standard of conduct than public--Single agent notice for must be completed before or at the time of entering into a listing agreement , agreement for representation or before showing property, whichever occurs first.-NO BROKERAGE RELATIONSHIP(NBR) exist when a real estate licensee has no brokerage relationship with a customer (for sale by owner)/STILL must deal fairly and honestly ,still MUST Disclose all material facts affecting